The foundation, established by James F. Ackerman in 1992 under Indiana laws as a charitable trust, aims to support Central Indiana organizations primarily. It receives gifts and grants of various kinds to fund local cultural institutions, health and human services, community development, and education. Additionally, it supports a few national medical research institutions.
The grant program is designed to support organizations within Central Indiana, focusing on cultural institutions, health and human services, community development, and education. The foundation's funding also extends to select national medical research institutions. Grant applications are considered during the semi-annual meetings of the Trustees, which occur on or closest to June 15 and December 15, with applications required to be submitted 30 days prior to these dates.